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Sankaty Advisors holds $1bn close for second mid-market fund

16 Aug 2013

Bain Capital’s credit investment affiliate Sankaty Advisors has reportedly held an initial close for its second mid-market fund ahead of its $1bn target.

Sankaty Middle Market Opportunities Fund II plans to continue fundraising for the next several month and close the fund on its $1.5bn hard cap, said Dow Jones, citing a person with knowledge of the matter.

The fund will target mezzanine financing, special situations and secondary opportunities, said the person.

A document filed with the US securities and Exchange Commission showed that the fund has received $1.008bn from 42 LPs.

The LPs that have committed to the fund include Pennsylvania’s Public School Retirement System, which approved a $200m investment in May this year.